Schaeffer's Trading Floor Blog

A Pause in the Selling

by 2/28/2005 1:07 PM
Stocks quoted in this article:

The selling noted below has abated for the moment, so I want to check in on the indices...

As you can see, biotech is still skewing the chart. However, you can still notice that there is a widespread weakness, with a number of groups near a one percent loss. Gold is up mildly but gold stocks are just below breakeven.

I also think it is worth mentioning the action in the NDX. I have touched on this already today so make sure see my comments and charts from this morning...

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So Much for Quiet...

by 2/28/2005 12:21 PM
Stocks quoted in this article:

It appears that all I had to do was mention today's narrow range to get things moving...


Chart Courtesy of Thomson/ILX

As you can see, there was a bit selling that went unanswered by the bulls. I don't see much in the way of significant headlines...


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Riddle Me This...

by 2/28/2005 11:44 AM
Stocks quoted in this article:

The action at the broad market level is rather quiet...As the SPX has traded in a low-to-high range so far of just three points.

One of the stocks that just caught my eye is Ask Jeeves (ASKJ), which I have been skeptical of since September. On Thursday I noted that optimism on the internet search stocks seemed to high and that ASKJ carried an equity scorecard reading of just 1 (which is still the case.). What caught my eye is the weekly chart...


Created with SuperCharts by Omega Research

On a short-term basis the stock is bouncing out of an oversold condition, but this intermediate term-view shows a pattern of descending highs as the stock desperately tries to hold at support.

While the short-term oversold nature may indicate a bounce is likely, I would be wary of buying into the optimists' views given this intermediate-term picture...


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Stocks quoted in this article:

Earlier this morning, I noted that the QQQQ was not "playing along" with the rally and I wanted to follow-up with some charts to illustrate this...

Created with SuperCharts by Omega Research

Nothing fancy here, just straight price action over the last few months. Here you can see the SPY and DIA near their highs. The IWM has moved off its lows but has had trouble overtaking its very recent peaks. The QQQQ meanwhile, has failed to shake off its lows...


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Stocks quoted in this article:

In the index graph below, the semis were one of the strongest sectors listed...However, I just looked at my screen and noted a number of semi were now trading lower...I pulled up the daily chart of the SMH and found that the ETF has kissed resistance from their previous peaks and turned lower...Given that Intel is set to give a presentation this week that has caught people's attention, it will be interesting to see what happens here...


Created with SuperCharts by Omega Research


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